Description
⋅ Palm oil plunged as expected last week. Market hit weekly low at 4567 and closed at our 1st resistance level.
Main reason of the weakness in CPO market due to the uncertainties over the impact Omicron coronavirus variant which dented demand for CPO.
Technical view:
1. Immediate resistance level: 4700-4730
2. Stochastic level= Sell Signal remain
Suggestion Trade:
Initial Short position
Stop Loss at resistance level: 5000-5100
Target Profit level (support level)
S1 4500 S2 4385-4400 S3 4200
Disclaimer: Trading Carries Risks.
Happy Trading, Cheers.